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diversity, that we have not seen before in the united states congress. interesting statistic is that among democrats in the house, white males will not be the majority any more of the democratic conference. that's the first time that has happened. we have an african-american republican appointed to the united states senate. that the first time we have had an african-american republican in the senate since 1970s, early 1980s i believe. clearly you are looking at a different group of folks in terms who've is represented up here. the problem is, they are having the same problems to deal with once they're sworn in. we have seen the swearings in going on all day, sue. >> thank you very much. congress might be be able to get much done but ty can get it done. he is at manager of the year conference and awards in chicago. ty? >> sue, i was just thinking, if you don't have to be a member of house to be speaker of house be i nominate jon stewart. >>> we are back for manager of the year awards presentation. basically golden globes, oscars, emmys of the hedge funds business. who would have turned a $1
fire damage to the battery of the auxiliary power unit. remember, the auxiliary power unit is what is used to provide power to an airplane when it is parked on the tarmac, not while it's in flight so the battery unit, severe fire kagge there, and it's pretty clear, scott and maria, that we are going to see more airlines, if they haven't already, they are going to start checking their wiring on the battery unit. i just spoke with the folks out of ana in japan. they have a number of dreamliners, checked theirs overnight at the urging of the ministry of transportation in j.i just talked with united airlines. it has checked the battery power wiring on all of its dreamliners, all six of them. the "wall street journal" reports that one of them did not have the wiring done properly, so that's clearly where the investigation is headed regarding those dreamliners and the fire we saw yesterday in boston. back to you. >> thanks. certainly will continue watching that story. boeing a dreadful couple of days as a result of this and traded already more than two times its average daily volume as a
weakened. 3m up 13%, united technologies up 12%. they are naturals to repeat their gains if not do better given strong asian exposure. 3m has been held back by a weak china. they can only improve from here after the tax bill. two well-run companies, perfect proxies for worldwide growth. 11% gains, even the most boring of stocks can generate returns. i think the same gain is in the cards for this year. cisco for all its flaws, still beat the dow by a percentage point. i can't see this company returning to the days of yore, that's not going to happen. but up 8 pr%, it can do that ag. i think it can return to the mid 20s where it closed today. what's with burke falling so far behind and an inferior pfizer going up at least historically. the pipeline needs improvement here or we'll see high single digits again. they will remain the order of the day if not the year until we hear about something that can produce multiple billions of dollars in the out years and i certainly don't see anything in merck's pipeline that can do that. verizon didn't help the cause. it's been such a good one. i think
". it's financed by the united arab emirates, and it takes direct aim at natural gas and oil shale fracking. financed by a middle east oil producer. hollywood, why does hollywood always demonize in big business and capitalism and reason magazine? and if hollywood would stay the hell out of that industry, the boom going on in energy in this country would continue. i'm larry kudlow. we'll be right back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care..
the debt ceiling or credit rating of the united states, that's a non-issue. you're right. that's the thing we should have learned back in august 2011. people don't pay attention to the credit rating agencies anymore, especially when it comes to sovereignty debt. >> if they cut enough time it starts to impact what the government has to pay for their debt. >> look at every institutional investor -- >> if it goes low enough some treasuries couldn't buy those because the rating wasn't high enough for them. >> if you look at every single institutional investor, they define that a u.s. treasury security is a separate investment independent of its credit rating. >> because it implies a aaa credit rating that it doblt even have right now. >> interest rates that the united states pay is what the united states want to charge it. >> why rate? >> i agree. >> it's pointless. >> they shouldn't. >> can we look at this another way for a minute? let's look at this another way. let's talk about this country being able to pay its long-term bills. forget what a credit agent says about the u.s. balance sheet.
the only finding themselves in the red. bank of america also turning down in the month. disney and united technologies both up better than 9%. and hewlett-packard having the best january up 20%. likely on sympathy for a possible dell deal. because h. rks is actually the worst performing dow component in the last ten months. tough times for all of teches. intel and microsoft also seeing big declines. and home depot riding the housing market. and bank of america lifted by financial sentiment. bank of america though, the worst performer since the 2007 rally. down 78% since then. alcoa down almost as much app and hp down 67%. the biggest winner again home depot. ibm and mcdonald's also up more than 60% since 2007. >> which dow 30 stock should you buy today that will be the big winners? joining me with their picks are harry clark and peter taus. good to see you guys. what kind of a move, harry, do you think the dow makes in the next five to six years? >> earlier today jpmorgan strategists had 20,000 for the dell in four years. i think that's entirely possible. we could be at 15,000 this year.
off. do not mess with the credit rating with the united states of america. however, you can race the debt ceiling and cut spending at the same time. on top of that, you kcan fix th $2 trillion situation. that is my take. charlie wrangle from new york and i begin with you. i don't understand why that can't be done. you can get that done. you are one of my buddies, but i object to you using the default. you have enough cash flow and the vast majority. i hate that argument. i know. but it is wrong to call it default. >> why not avoid default all together. because i believe it distorts the rest of the debate the good congressman and i need to have. >> cutti inting spending, i don want to get hung up on default. it is all bad. welcome back, sir, why can't we have our cake and eat it too? why can't we compromise with spending cuts at the same time too? >> we can do it as long as we recognize it is apples and oranges. our obligation has nothing to do with our inability to govern our own spending and taxes. but anytime one tries to hold it, that is when it is wrong. whatever you want to
this morning. today on the calendar, we have mcdonald's, united technologies, motorola solutions, coach, and wellpoint. just a few of the names we'll be watching. >>> then after the bell this afternoon, you've got apple coming out. still the world's most valuable public company. the stock fell below $500 last week for the first time in 11 months. shares have fallen nearly 30% since peaking at $705.07 on september 21. that, by the way, the day of the iphone's release. joe? >> okay. thanks. i was saying -- january 23. you know this is the last day it will be january 23 until a year, until next year. you know how we've been saying that about these things, palindromes, we won't see another in -- 2002 for 90 years. at least 12 months before it is january 23. let's head to the economic forum. world economic forum. andrew messaged me with that fact. he is standing by in davos. and andrew, we don't know who you have for guests today. we're more interested in obviously the fashion forward looks you're going to be bringing us. hopefully you're going to have -- >> yeah -- >> every hour. you'll be,
upgrade program. probably not just units but an accounting for giving the free upgrades. >> okay. >> looks like a pretty good quarter with low expectations but gets better all year because of a product cycle, and the stock is real, really cheap generating 3.5%. >> the stock is still down after hours. had a do you think about about it right now? >> i'm not surprised it did miss the number and microsoft has a history of being hit hard when it miss eds its whisper number. 76 is halfway between the official guidance and whisper number which get you a lot of focus, a little bit too light on the rev side. i think it's an interesting story and compel valuation. i think 2013 is make or break for microsoft. we need to see the service and the phones do well, but we're getting indication that that's possible, if not intimate. >> star cushion just out. they matched expectations on the bottom line. a penalty was the exact pigs. the tone line a little light. looking for $3.84 and they got $3.80 billion. the stock right now down 1.6%. we'll get back to starbucks in just a few minutes here. jon fortt, any
where he says i'm the united states senator, i took an oath to our constitution, not to israel. well, who was he saying that to? >> that's an incredible slap, eliot. >> yeah. >> i read with great interest your rendition of the story. that was an usa operation working very, very well with an israeli leader and israeli general or something like that which he closed down. but this thing what you just said now, can you repeat that? because nobody talks like that nowadays. nobody talks like that. >> right. this was an interview he did a couple of years ago where he said -- this is the one where he used the term jewish lobby. but he also said, you know, i'm a united states senator, i'm not an israeli senator and i took an oath to pour constitution. one of the problems if the senate says okay to this is what it's saying okay to really is a new level of anti-jewish rhetoric. this is something we had driven out of public life. you can disagree about policy with respect to israel, but that's a challenge of dual loyalty. >> and from what i gather, senators like chuck schumer and menendez and ot
... >> cenegenics has a network of more than 100 affiliated doctors in the united states and joint ventures in tokyo, seoul, and hong kong. mintz says his roster of patients includes movie stars, las vegas entertainers, ceos, and the president of a foreign country, some of whom pay as much as $1,000 a month for the treatment. how much has your business grown? >> well, start with zero nine years ago, and it'll do $20 million this year. >> that's a pretty good practice. >> it's a very good practice. >> and you don't have to worry about medicare or medicaid. >> we don't ever want to talk to medicare and medicaid. >> no insurance to deal with. >> absolutely none. >> it's like the good old days. >> like the good old days. >> when we return, some doctors question the cenegenic system. >> i would not take growth hormone because it's unsafe. i would certainly not recommend to my family or my patients that they take growth hormone. >> on 60 minutes on cnbc. [ sniffs ] [ sneezes ] [ sniffles ] [ female announcer ] for everything your face has to face. face it with puffs facial tissues. puffs has air-fluffed p
of the united states, begins her way down to the podium. >> i think there is more partisanship about to break out. >> call it bipartisanship. >> maybe i'm caught up in the spirit of the day. >> explain. >> i'll explain. >> and where do you see that? >> i have some circumstantial evidence. look at the fiscal cliff vote and look at the sandy vote. a microcosm. what you're finding there is john boehner willing to break what is called the hastert rule, which is that to pass measures with majority democrats when they really need to be passed. i have no illusions every bill is going to go down that way. and then with the debt ceiling, same thing. i do think there's some evidence that republicans are saying, you know, in part for public image reasons but maybe in part because of good economic reasons, we can't keep whacking away at the economy like this to please our base we ha. >> it's not about the two parties necessarily shifting their philosophical positions or moving together but more of a practical decision by the house leadership to recognize the limits on what they can accomplish with the ma
at the united kingdom they do not get caught up in this kind of wrangling. they are better governed nations right now. >> that's easy to say, i guess, when your comparison seems to be what is a completely dysfunctional congress at this point. jim, how do you go about trying to gauge how to even play this? you look at what happened over the end of the year, the fiscal cliff. and at the end of the day you might take away, well, they did get something done and the markets reacted positively. look at the rally in the first week of the year. do you approach it the same way? it seems to be to a certain extent we're not ignoring it, but at least saying i'm not going to -- >> i don't want to own domestic companies as much as i want to own foreign companies. s.a.p. not included. i think some of that's america's shakeup there. i think there are a lot of companies doing well. if you look to ppg's conference call yesterday, they're seeing a turn in asia. they're seeing europe getting better. so i want to be more oriented toward ppg and a little less toward target. >> ending a partnership with radio sha
batteries. united airlines has already announced it will comply with the order, they have no choice to do so. remember also boeing is a dow component and selling off in the aftermarket and remember this is all related to the recent spate of incidents on board the 787 both here and the united states and in japan. there's been fires in the cockpit on two occasions and fuel leaks as well. our phone phil lebeau will join us with this story. now back to the headline story, president obama called on congress to further restrict assault weapons and limit ammo magazines today. marking the broadest push for gun control in a generation we have cnbc eamon javers who is here to join us with the details. >> reporter: it was an emotional event over at the white house. the president flanked by small children announcing his proposals on gun violence announcing a new assault weapons ban, limits on magazine sizes, enhanced background checks and access to mental health. the president said however that lawmakers up on capitol hill have a stark choice to make. >> what's more important? doing whatever it takes to
children have already died from influenza this year in the united states. talk with the ceo of sanofi. >>> then what are your money risks in 2013. >>> also ahead, you know who's not worried? those who bought this $1.6 million car. it hasn't even passed u.s. safety tests yet. our wealth editor robert frank will check it out next up. with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ garth ] thor's small business earns double miles on every purchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ male announcer ] the spark business card from capital one. choose unlimited rewards with double miles or 2% cash back on every purchase, every day! what's in your wallet? [ cheers and applause ] [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell
on constitutional grounds based on the 14th amendment to the constitution which says that the debt of the united states shall be respected. so their argument would be in that case that it is simply unconstitutional to have a debt ceiling at all. and they say that congress -- the president rather would be able to do that without invoking congress or meeting congress in any way. >> section 4, 14th amendment, validity of the public debt of the united states shall not be questioned. that's the exact wording. doesn't say increased. it says it cannot be questioned. but then law, constitutional law scholars are saying to everybody, it is constitutional to have the congress make the debt changes. they are allowed to do that. the 14th amendment has nothing to do with that. in fact most of the 14th amendment, due process, equal protection and citizenship clause is about giving african-americans the right to vote, live and prosper in the united states. >> right. that's right. and clearly if the president was to do what they call the constitutional option that the democrats are raising here as a possibility
building materials, not only in the united states but over in asia, you'll have competition for those goods and a monetary policy that's flooding the system with currenty. >> steve sax, your best investment idea right now? >> i think sector-wise, i hate to do it, but i have to agree on tech. i think it's an area that obviously had good performance in 2012. we think that continues, although the first couple of years have been a little rough. look at the other sector you know, that have performed well late last year, financials, and then we're seeing, you know, industrials and materials pick up this year as well. consumer discretionary which we touched on is an area that i would take a look at. it's been tough to make money shorting the american consumer over the long term and the pickup in the consumer discretionary secretary ore probably continues, at least the first half of this year. >> carol, you told us what you don't like. restaurants. what do you like? >> and for how long? >> so i love the multi-level marketers that everybody else seems to hate and fair disclosure here. i've got a pos
. >>> if he is going to abide by we don't want you playing around with the united states relationship. he's going to have to be a lot more kinder and gentler to this president who won and overwhelming mandate to avoid going to war with iran. if you catch the president's speech and his address there were lines in there that made it clear that the president is going to walk the extra mile to see if he can engage iran rather than go to war with iran. >> i'm sure that he will. i'm sure that the president of the united states will have that military option still on the table. larry, the key here is that it is quite evidence that he doesn't have the strength or the political power to force the president of the united states hand when it comes to iran the way that he had it going into the primaries. it is evidence that the public will not stand on him playing politics on israel's security by undermining israel's relationship with the white house. one of the lines in the inaugural speech. let's stay on that, it is possible according to mr. obama to win the peace without having a war. that is the
month, a special unit of the los angeles police department mounts raids looking for pirates, movie pirates. the business of pirating movies has exploded, and it's costing hollywood billions. virtually every new movie that comes out winds up being pirated on the internet. [ticking] >> i have been asking to see those books. like, this week, okay, is your deadline. >> anna wintour is involved in every detail of vogue: the clothes... >> i like the stripe. >> editing the pictures and articles. >> can i see meredith, please? >> she's decisive, impatient, and there's a look that says, "i'm the boss, and you're boring." [ticking] >> decades after their demise, some departed stars draw more income than they ever made while they were drawing breath, and there is a growing legion of agents and managers willing to represent them. >> we're a business agent for about 250 entertainment, sports, music, and historical clients, but most of those are deceased. >> dead. >> dead. >> they're working stiffs. >> i guess you could say that. >> welcome to 60 minutes on cnbc. i'm steve kroft. for many people
of the president of the united states. >> the office of president of the united states. >> now today, president obama will attend his public inauguration in washington. the reason why that ceremony happened yesterday is the president that's be sworn in by i think it's noon on the 20th. that was the private sayre mope. the private one takes place today. as many as 800,000 people are expected to attend the swearing-in in washington. the president will repeat his swearing in and give the traditional speech. if you're wondering how markets have done since president obama took office, 10 5/% return for the nasdaq, 65% for the dow. we're not necessarily attributing this to president obama himself, but you can look at how oil markets have traded over the last four years. the recovery from the credit crisis had pretty much most to do with the trends that we're seeing here. present adding almost 60%. nymex adding 34%. allen, you know, the point of these charts is during, i guess, more normal times which we know don't influence markets in any material way anyhow. president obama came into office when we
. they spend $12 million on motorola -- >> they open up north korea. they are like their own country. united states and google. >> and they're back in the map museum. >> the map museum. >> oh, yeah. >> you see larry on the subway with the glasses. have you seen this picture? riding the sweet train with the google glasses. >> i missed them. i'm on that train most of the time. when i'm not here, i'm on that train. >> how did you take away from your shopping time to go to that map museum? >> let's talk about dupont, posting operating earnings of 11 cents a share beating wall street forecasts. issuing a full year outlook above analysts' forecasts. the ceo did express some concerns about 2013. >> 2013 i think is setting up to be a cautious year. the question is, how will the u.s. economy respond? are we taking good steps around the debt? but the deficit has to be dealt with. and it needs to be dealt with in a matter of months. >> i guess the question, jim, here, is are they sort of sandbagging or preparing us for the worst? they did have to slash 2012 in october, so maybe they're preempting -- >>
we're pretty long through the united states of three-ring circuses. the most important spur for investment is confidence. three issues that held up business formation and stock investing for a long time. put a drag on it. uncertainty of the presidential election, uncertainty of the fiscal cliff and the sequester debt ceiling argument. two big bad events, only one more station on the gauntlet. it simply isn't as scary or meaningful as when it comes to the stock market or new business formation. sorry, it won't sell as many parents, and it just won't. smart investors are making a bet they can't wait for the third of the three washington incursions to be finished. once a big bad event is passed, the rick of responding floods in. now we're about to finish the third leg of the political steeplechase, and we will be given a level of certainty. you want to wait for those people to come in? it could be investing nirvana, a guy in brooklyn, cramer, smart guy. scared us with the election, scared us with the fiscal cliff and now scaring us with the debt ceiling. what are you going to s
network in the united states, 60 dealers and we're here in new york for the ims motorcycle show and several new dealers coming on board just in the area around here coming up as prospects. really starting to take off. >> i'm going to get on it just to show people as a tall guy. it's not like a little scooter, not a vespa or electric thing, a real, meaty bike. >> a real bike. >> we built it for you, brian. thought about you. had you in mind. >> i'm going to take off. >> thanks so much for coming in. thanks for watching "street signs" as well. guys. "closing bell" is next. >>> hi, everybody. we enter the final stretch. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. >> all feeling good. i'm bill griffith. good economic news trumped a mix bag of bank earnings which we'll get to, but we're off to the races right now. show you the numbers in a moment here. >> just ahead, huge interviews here on the "closing bell." stay with us. two ceos and two financial giants. john stumpf will be are here and ebay ceo john donahoe. >> best earnings ever. the dow u
with senator mitch mcconnell. if the president of the united states wants to talk about tax increases, look it up in the history books because it's not coming during 1913th session of the united states congress. >> how significant are the spending cuts that you're talking about? what would it take to get to you raise the debt ceiling? >> two things that would have to occur, either one of which would cause me to raise the debt ceiling, one is a balanced budget constitutional amendment phased in over a period of time that would force washington to deal with this issue in a serious way. and the alternative, there would have to be spending cuts, real spending cuts, first year in excess of $100 billion. >> 100 billion. okay. constitutional amendment in a long time. jim newsel, you called the fiscal cliff deal to this point a fiasco. what had your high expectations for what's to come on the spending and the debt limit that they have to deal with in the next couple of months? >> i don't have very high expectations. >> i didn't think so. >> i mean, i think at this point in time we're seeing history
to china, for the impact that china continues to have on the global economy. the united states is again demonstrating, may not be the growth rate that we want, but it is in fact heading in the right direction which is why the asset class of exsis should come back into favor. we've been out of favor for years at this point. the weekly money flows we just saw, the first time we've seen positive growth. >> exactly. >> i think that money has been spent quite frankly so that's a tough trade, but at this particular point market has digested what it's going to digest. put in a great first two weeks of january, and i believe the money flows should and will continue into the united states equity markets. >> right. >> and the bric nations for that nation. >> regardless of the backdrop, right, michael pento? >> that was to me. i wanted to say something. you can't ignore the booming money supply, mzm and growing 12% per annum, but one of the cornerstones of real and solid growth is a sound and stable currency, and when you have an idea floating out there of a $1 trillion coin that does not serve to
will be up 110% on the year on the s&p. you get it. dow transport, risk on, honeywell, united technologies, all on the strong side. the regional banks had the earnings fifth third, pnc, huntington and a new high for fifth third. back to you. >> bob, thank you so much. financial stocks, of course, leading this market again this year. wells fargo climbing nearly 3% this month alone, after rising better than 20% in 2012. wells fargo chairman, president and ceo is john stumpf who joins me now in a rare and exclusive broadcast interview. welcome to the "closing bell," john. >> thank you. nice to be here. >> thank you so much for joining us. i want to talk first about the broad environment, what you're seeing, because we talk so much here about the challenges as a result of washington and this slowing growth story for the economy. what are you seeing? >> well, 2012 was the year housing really made its statement at its back. it's not back to where it was, but surely we can now say housing has turned the corner so that's a good thing for the economy. when housing does well, everything else seems t
%. >> leverage is lower, the risk is lower. it's just kind of a -- it's going toward a united technologies -- >> still, it would be the fifth largest bank by assets in the world, 50,000 employees. it's still not as small a piece of the business that they would eventually like it to be. >> it's much pr run, takes much less risk. this stuff's expensive. >> yeah. >> the order backlog, 210 billion. >> didn't you love that? >> up sequentially from the third quarter by about 7 billion. couple that with the gdp out of china, people are beginning to wonder if the industrial play in the fourth quarter is true. >> it's clearly turning in china. electricity usage. pmi, chinese numbers -- it really is an interesting moment. i think the electricity can't be phony. there's a couple -- just the words, he's talking about great momentum. this is a different kind of talk than we've had in a long time. >> he said there was an investment pause in the fourth quarter amongst corporate customers, presumably the fiscal cliff and the uncertainty is going to be under the year that took its toll. now going into 2013
the united states congress refuses to pass an extension to the debt ceiling. if that happens, the united states can't add any new debt, cannot continue to borrow, so what would you have to do if you're the united states government? you'd have to live off of your tax receipts. take a look here at some of the charts that we've prepared, and can you see exactly how much money the u.s. government brings in every month. it's about $206 billion in receipts every month. that's the whole amount of money the u.s. government would have to finance its operations so how does that break out? what are the expenses on a monthly basis? we'll start with the absolute must-dos. interest on the debt, $29 billion a month. got to pay that. social security, got to pay that. 65 billion, medicare about 42 billion. veterans will b $11 billion. income security programs. that's about $46 billion in expenses every month and also military salaries. this is our estimate so some of these numbers are a little bit rough, but that's about $13 billion a month, and what does that get you? it gets you a grand total of expens
your call? >> i think the biggest driving force is that the growth rate not only in the united states but around the globe is turning out to be better than expected. we came into this year expecting 2% growth for the united states. i really think we'll end up closer to three. china is coming back to life. europe is calming down. we've got a lot of positive economic momentum. and in addition to that, you got confidence at five-year highs and people are starting to settle down and think maybe this is going to be a multiple year recovery so they can increase their valuations on the earnings streams. we're seeing mobiles rise. a lot of good things. starting to see people come back into the equity markets a little bit finally reaching all-time record highs. i think a lot of these forces will take us higher this year. >> okay. i don't know who is directing, liz, dan. if you could show me the 4 box again i'll take a poll of our guests. how many see 1700 on the s&p? raise your hand. anybody? >> by when? >> anybody? glazer is sitting on his hands there. no, larry? you don't see that? >> you kn
that i deal with and service, they've been hurt by weak natural gas prices in the united states. that is not hurting core labs, is it? >> that's right, jim, if you look at our technology, it's better applied to international crude oil related projects. so if you look at our revenue mixed right now, we are 80% crude oil and 20% natural gas. half of that natural gas revenue comes from large lng developments like we have novell in the mediterranean, chevron and exxon off the west coast of australia. so these large lng plays play into our strength, as well. >> well, i've got to tell you. this is the best quarter i've had you on of all of them. so thank you very much, david demshur. >> thank you so much, jim, our seventh time has been a real pleasure. >> the stock tends to get hit after the company reports and then you buy. i don't know if it's going to get hit this time. that's how good clb's quarter was. core labs is bankable and so is the company. stay with cramer. >>> coming up -- the prime time retail king that delivers everything to your door versus the maker of gadgets you nev
-being of the american people is not leverage to be used. the full faith and credit of the kru united states of america is not a bargaining chip and they better choose quickly because time is running short. >> john boehner put o out a statement right after the news conference trying to stay out of box the president put them in. he said, the house will doity job and pass responsible legislation that droenls spending, meets our nation's obligations and keeps the government running. the question will be, can he move his caucus in a place to where he is reach an agreement with the president that raises the debt limit without violating the president's pledge. he says he will only go for a balanced approach to deficit reduction, meaning tax revenue as well as spending cuts. we're in for a major fight coming up quickly, sue and tyler. looks like we can hit the debt ceiling as early as one month from now. >> john, this is not kinder gently rhetoric, not by a long shot. but who can forget the most recent discussions off the fiscal cliff and the president ultimately backed off his $250,000 number and ended up in
of the companies. for that's right. aep those companies, i would say, are at a stand still in the united states. but values are attained elsewhere so the u.s. has pretty much been locked up forever. ab already owned half of m o odelo, so i think a lot of analysts were bullish on this deal and it turns out they were too bullish. >> harry, thank you so much. sue, this bud's for you. >> thanks, ty. markets are backing up and away from their mash much to all-time highs. dow jones down by double digits. down about 18 2/3 points. in the month of january, the dow is up almost 6%. as for the s&p, up more than 5%. and you know the saying, as goes january, so goes the rest of the year. there have only been 11 januarys where the s&p has been up 5% in the first month of the year. 101691 times the s&p ended the year with double-digit gain and we know that is the year of the crash. we are talking about all of that with bob and kenny. they are here with me and will rejoin us in a couple of minutes. before that, though, there are signs that the american consumers making a solid come back. take a look at this.
. that will, by the way, improve strained to say the least relations with the united states and the allies. but i don't think netanyahu's tough positions either on iran, on future air strikes in gaza, for instance, will change hardline positions as galling as they are for the western community. they do resonate with israelis. that's why he won the election. >> okay. we'll leave it there. jim maceda from tel aviv. thank you very much. >>> stick around. straight after this, we'll bring you u.k. unemployment data and the bank upon england's minutes for its january policy meeting. we'll have plenty of reaction and analysis. we'll be right back. >>> you're watching cnbc's "worldwide exchange" from the world economic forum in davos. i'm ross westgate. >> i'm kelly evans in london. here are your headlines -- prime minister david cameron pledges a referendum on the e.u. if he wins the next election but says it should not be seen as a signal that britain necessarily wants out. >> i never want us to pull up the drawbridge and retreat from the world. i am not a british isolationist, but i do want a b
in the united states at the top of the cycle. they've already written down the value of those. so significant write-downs coming through from rio tinto has now claimed the scalp of this ceo. it's a stand-alone story. bhp writing down a number of its assets it bought at times that were curiously at the top of the cycle. >> where does this leave the sector? we know going back to 2007, rio was looking at alcon to fend off an acquisition by bhp. obviously, market conditions had changed. where is the landscape today? what is the sentiment about some of these major mining companies today and whether there will be further consolidation? >> yeah, well, the price of that that you talked about never got off the ground. not only did it knock off the ground because both parties couldn't agree on a price, but the significant hurdles, the government probably wouldn't allow a tie-up between two of the biggest miners in the country. it's looking not too bad right now. we've had the iron ore price jump up to levels that we haven't seen in more than 12 months. but rio is out with production numbers earlier on
.7% today after the hong kong unit issued a property warning. shares of f&n pulled back after they competed with a rival bid finally bringing the curtains down on that five-month takeover battle. the stock had rallied over 16% since last september. meanwhile, south korea's kospi gained .5%. australia's asx 200 finished flat. miners finished higher. back to you, kelly. >> okay. sixuan, following the developments for us across asia, thank you so much for that. as we turn to the session, you can see for the most part red behind me. about nine to one outpacing advancers. the stoxx europe 600, down 0.6%. the dax in particular is down by 11.25%. it's a big move for germany and it's led in part by what's happening in deutsche bank with those shares down more than 3%. we're seeing pressure on the ibex and the cac down .8%. the ftse is down by .4%. i want to mention one name in particular here. and that's megette. it makes the charger for the batteries on boeing dreamliner 787. it is working with u.s. officials as that investigation continues, but it is one of their arizona-based subsidiaries. those
are a bit on delays. only here in the united states action because the fundamental aa covers all of that, but also has been followed by groundings in europe, japan, india. the issue is the lithium-ion batteries. one of the things that we're hearing is they're trying to come up with a way of testing the batteries in order to show they will not fail. they have to prove they are safe. the faa says the batteries represent a potential fire hazard. they said in their grounding statement, we will be taking every necessary step to assure or customers -- this is the boeing chairman saying this -- we will be taking every necessary step to ensure the customers and traveling public of the 787's safety and to return the airports to service. the last one to fly into the united states was here into chicago. a lot of airlines out of poland. it landed shortly after 8:00. lot and other airlines are looking at replacing them with other aircraft. for some airlines not a problem, with others it will be an issue. this is really the one to watch. gsyuasa. gs yuasa is the firm that makes the lithium-ion batteri
noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics. they even reward me for addressing my health risks. so i'm doing fine... but she's still going to give me a heart attack. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. >>> look at this. this is the signature of the man who could be the next treasury secretary. can you read it? it'll be all our money soon. but penmanship is the least of his problems. we'll talk more about that coming up. >>> and if you think you've heard it all, then listen to this. there really are some people calling the government to mint a $1 trillion coin to get us out of the debt mess. a platinum coin. are they serious? magic coin? is this going to be a banana republic? what is this super mario brothers? we're going to have the whole story coming up in a few minutes. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surgery was success
and still the fact that if you look at median incomes in the united states, if you look at per capita household incomes in the united states, if you look at household wealth in the united states, we are nowhere back to where we were in 2007. therefore the economy cannot generate the kind of consumption it generated in 2007. >> we're forgetting one other factor which is regulation. >> yep. >> bank regulators is one example. the small businesses i work with at the highland consumer fund have trouble getting capital. one of the reasons is despite the rhetoric from washington, the bank regulators have put in so much spending restrictions so that my small businesses who want to add jobs can't do so because they can't get the capital. >> i completely agree on that. >> we're very focused on regulations as well. >> i completely agree on the small business capital market conditions. this has been a big, big problem. it's one of the reasons the recession was so deep and one of the reasons the recovery is so slow. i agree with that. but i really want to point out, why is it so difficult to get a
want -- we are an 80-year-old company. we still maintain 70% of the manufacturing in the united states. if i was looking week to week we'd be out of business. we have now about 70 locations in china. we are shipping 60% of the product from the united states. >> which is very counter to what other companies do. >> absolutely, yeah. in fact, you have to do counter to others to survive. we have been thinking long term about our people, about our manufacturing, about things that we need to do. now this issue that we're just talking about, we talked about dividends, it was a short-term issue. we paid a relatively, relatively smaller amount. we didn't borrow money. we had the cash, and we said, as some of them, our shareholders, came to me and said why should we not do it? i'm a share herald, too. if you're a shareholder you have a different perspective han if you're not. >> respond to critics who say you greedy, greed people. you wanted to keep more of that money and the country needs you to pay more in taxes. you shouldn't have done that. i don't say that, but you know people are saying th
in the united states from 1950 through 1999, the average growth was 3.6%, something like that annualized. since then it's been less than 2%. now, there's been a little bit of a perk up, but -- but the direction is positive, and if you start looking at how the businesses and the economy is doing and juxtapose that against the politicians who aren't behaving very well, you have to be positive regarding the situation for the future stocks. >> so you like stocks more for the fundamentals than you do for any fed or congressional action right now. am i reading that right? >> absolutely, absolutely. i mean, for the third quarter of last year our stocks had earnings of over 6% which compares very favorable, and, you know, we're looking into the future and then we compare that to the general growth rates of the u.s. economy, and there's no question they are going to outperform so it has an impact. >> the imf lowered global growth numbers today, nobody seems to care because the money has to go some place and it's not going into the bond market. >> point well taken. in the past you talked about gold. >> w
steelmaker in the united states, with 18 plants all across the country, including this one outside blytheville, arkansas, along the mississippi river. plant manager doug jellison told us nucor has revolutionized the way steel is made. so what is this stuff? >> it could be old barges. it could be from, you know, old buildings. this stuff is, like, you know, old barrels, or you'll see some wheels. >> instead of using expensive iron ore to make steel, nucor uses mostly scrap, anything with steel, like crushed cars or old washing machines. >> we are the largest recycler in north america. >> over the last five years, this plant, like the u.s. steel industry as a whole, saw its profits soar. by mid-2008, nucor had hit an all-time high. but then things changed overnight. just what? >> just off a cliff. >> you went from feast to famine like that? >> when the credit crisis hit, the water shut off. the flow of money shut off. it was like dominoes, boom boom boom boom boom boom boom boom. i've never seen anything like this, and no one else has in our lifetimes. >> that was in october 2008. cl
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in the united states. we think numbers will bear out on friday as the demand for loans continues to rise on the refinancing side and the new purchase side. credit continues to improve for those guys, as well. pnc financial, which is here in the east coast, they made a recent acquisition of the rpc bank down in the southern part of the country. and they're finally integrating that, and we're expecting to see better growth in 2013 from that acquisition. >> right. >> when you look at fifth third, fifth third is also improving its position in ohio. the growth in the manufacturing sector is benefiting that bank. then discover has been the best financial stock for the last two years as it takes market share in the credit card space. >> gerard, before you go, what do you stay away from? just for viewers who are paying attention to the space. but maybe making the wrong picks? >> i would say that we have to be very cognizant of what's going to happen with the long end of the curve this year. if rates move up too fast, we have to be cognizant of the banks with the biggest securities portfolios tha
have been talking about this. forget about the coin. forget about the constitution. the united states could, like britain, issue annuities for what they call console. you could become a never ending equity owner in the united states of america. that goes -- it would have nothing to do with the debt ceiling and they would be able to finance themselves easily at a low rate. and i think that the whole country could get behind that concept. >> although there's still a dysfunctional washington and that's not good news over the long-term. >> you bet. but at least it takes people out. i mean, you know, i guess if you don't know that washington is completely dysfunctional by now, then we're not doing a good enough job of getting the message out. i'm just saying that there's a lot of misinformation, as you know, about the debt and what the debt needs and how the united states finances itself. and there are other alternatives in playing gimmicks with coins or taking the real attention away from what needs to be done. there's a lot of debt. there's going to be debt. and you have to really draw t
. >> rein wasn't built in a day partner. unit thing, going with your -- >> not forget the coast of jeggings past, right? supposed to -- your kids are older than mine, mine is 9, the difference in the performance companiless i would perceive to be similar, all due respect, aeropostale and abercrombie & fitch, from my untrained heathen eye look similar in terms of the product mix, you luke at results, they are very, very different. i guess that's where the operation, where management matters. >> i got a gift certificate for made well, a j crew outfit, my daughter says made well, nobody uses. made billion? a few months later, she wanted to work at made well. >> in terms of limited brands quickly, bath and body works, very strong, weakness at victoria's secret, comps very tough. also something to keep in mind with a lot of these retailers, last year's numbers pretty good. comparing against tough conversation. last december was up 11%. victoria secret. so no surprise, very tough to lack those conversation. >> pay attention month over month, quarter over quarter rather than year-over-year. >> at
of be overoptimistic about what the implications of the revolutions could be. could the united states be energy independent? that would be fantastic. but there are so many effects that people don't factor in. >> are you a believer, by the way, that oil could go down to $30 or $40 a barrel? >> no. no. >> somebody last night was making that observation. >> i do not believe that that is the case. in the past, i've woshgdz closely in oil and gas and i think those people are missing the structural implications. we're living in vary unique position. this is vary unique time in the history of the world in terms of population. the population pressure themselves i think will raise the floor on the oil prices. your sense on the mood of an economy. steams you come there and you obviously things don't always always come through. northbound suggested it's because the adjectives are fun. do you buy that? >> no. i would say the last couple of years, people were pretty negative. i have to say, though i've only been here a day, people are pretty positive this time. a bit more optimistic about what might be happ
the world, not just the united states. spate of new products. >> the blackberry 10 launch days away, steve liesman held in his happened. >> should it trade through the multiple of intel and microsoft? >> he said if am closes today below 483, it will see 425, his price target pretty quickly. ultimately, he does believe that apple is fairly valued in the 300s. >> yield there. >> i don't know. >> he is known as an extraordinarily good fixed income manager but he has waded into equities. i don't know if it is reflected on his fronts. >> five times earnings, i don't know. bethlehem steel two times earnings two years before it went bankrupt. isn't that something two years before. the multiples shrunk. or would love to get apple five times earnings, three times earnings cash. like to get cash. >> sure, why not? >> i got to believe that conversation is going to -- >>> it the multiple too low here. >> netflix, largest gains since 2002 when it rose 40.8%. best day for that stock in a decade. >> that was a conference call that was -- there was a guy on that conference call, said listen, hatehood you
in the united states has been a really -- having an impact here in china, especially on the manufacturing sector. but that particular month, of course, of december looks as though it was looking relatively decent. we saw the u.s. shipments looking strong, very strong, in fact. and a turn around also in europe. now, the big question that people are asking for china is just how sustainable this is going to be. will the manufacturers still be able to pump out a lot of these goods? is there going to be worldwide demand? so far from what we're hearing from factories, there is a bit of concern because a lot of those orders, as they had come in in december, were short-term. they weren't these longer term shipments, orders that would be something a little bit more reliable. so initial response, probably something that we're going to have to wait and see how sustainable this pick up is. >> yeah. well, sustainability is going to be the watch. thanks for that. good to see you there in singapore and joining us for the first hour today of "worldwide exchange," david bloom from hsbc. just how sustainable do y
or the united states. >> let's talk about austerity. austerity when you're part of a single currency, if you're in the uk and you're looking at austerity, you can let your currency weaken, you can control central bank money. can't really do that in europe. and the imf has admitted the multiply they got totally wrong in countries with bailouts. >> yeah. i think that's the tough part of having a common currency in variable states. i'd love to see the euro be weaker because then it would drive our exports and we would get economic growth. but cutting expenditure and trying to stimulate the economy through reform. >> what's expenditure? in the uk, we have investment spending, which is cutting off your nose to spite your face. >> the problem is, of course, you have a monetary union, but you don't have a financial union yet. that means on the financial side, on the fiscal side, on the economic side, you're going to have to do those reforms at home. no one else can help you. >> are we going to have full monetary union at some point? is that the future? is that where we're going or not? >> i think i
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